JONESBORO, Ark. -- Market forces and good timing on the buyer's part were cited as key reasons the Jr. Foods convenience store chain in Arkansas changed hands this week. Kum & Go Convenience Stores closed on the purchase on Tuesday and took over the 11 c-stores as of yesterday, according to Wade Quinn III, vice president and co-owner of sellers J. Wade Quinn Co.
Several items fell into place that made this a good time to sell, Quinn told CSP Daily News. My parents were nearing retirement age and were ready to exit the business and/or sell out to [image-nocss] us [their children]. We felt like the competitive marketplace for a company our size was somewhat limited given the last couple years with regard to the competition from big-box [stores] here locally. And we felt like we got a fair price and it made sense to do so.
The Jonesboro, Ark.-based company sold 11 Jr. Foods c-stores and three Smoker's Friendly to Kum & Go, a 430-store chain based in West Des Moines, Iowa. Kum & Go opted to close the tobacco shops.
The purchase marks Kum & Go's first entry into the Jonesboro market and gives the chain 17 stores in Arkansas, according to a press release. The Kum & Go sites will include Caf a Fresh, a feature offering deli sandwiches, bakery items, fresh fruits and salads. One of the sites will include a Baskin Robbins. Scott Logemann is the district supervisor for the stores.
We are looking forward to the opportunity to build a relationship with the city of Jonesboro, Kyle Krause, CEO of Kum & Go, said in a press release. It's always exciting for us to bring cutting-edge products and services into new communities.
Quinn said Kum & Go initiated discussion about selling the chain and happened to have good timing with all the other variables the Quinn family was considering.
The first Jr. Foods store opened in February 1965. The goal of the chain, according to its Web site, was to provide a unique gas, grocery and fast-food mix combined with friendly faces [that] enable us to provide fast friendly service to the neighborhoods and communities served. The Jr. Foods stores included the chain's own Country Cookin' Kitchen along with several co-brand initiatives with Blimpie, Baskin Robbins and McDonald's.
Quinn said the J. Wade Quinn Co. will continue to operate its Quinn Outdoor Advertising, Southern Accents Furniture and Accessories, and Quinn Wholesale operations.
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